SpaceX (bStocks Tokenized Stock) (SPCXB) is 796.7× the size of Apple (Dinari Tokenized Stock) (AAPL) by market capitalisation. Their daily returns move barely together (correlation 0.28 across 31 shared trading days). SPCXB has been the more volatile of the two, at 73% annualised against AAPL's 23%.
$350.1700
$127.6200
AAPLSPCXB
0.28over 31 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | AAPL | SPCXB |
|---|---|---|
| Max drawdown (400d) | -3.9% | -47.5% |
| Risk-adjusted return (90d) | 0.07 | -0.15 |
Relative strength over 90 days: SPCXB outperformed AAPL by 4.1% — measured on the AAPL/SPCXB ratio, so it holds regardless of market direction.